TEDGlobal 2007
Ngozi Okonjo-Iweala: Aid versus trade
Filmed:
Readability: 3.2
664,537 views
Ngozi Okonjo-Iweala, the former finance minister of Nigeria, sums up four days of intense discussion on aid versus trade on the closing day of TEDGlobal 2007, and shares a personal story explaining her own commitment to this cause.
Double-click the English transcript below to play the video.
00:25
It's very, very difficult
0
1000
5000
00:30
to speak at the end of a conference like this,
1
6000
3000
00:33
because everyone has spoken. Everything has been said.
2
9000
3000
00:36
So I thought that what may be useful is to remind us
3
12000
3000
00:40
of some of the things that have gone on here,
4
16000
3000
00:43
and then maybe offer some ideas which we can take away,
5
19000
3000
00:46
and take forward and work on.
6
22000
4000
00:51
That's what I'd like to try and do.
7
27000
1000
00:52
We came here saying we want to talk about "Africa: the Next Chapter."
8
28000
5000
00:57
But we are talking about "Africa: the Next Chapter"
9
33000
2000
00:59
because we are looking at the old and the present chapter -- that we're looking at,
10
35000
6000
01:05
and saying it's not such a good thing.
11
41000
2000
01:08
The picture I showed you before, and this picture, of drought, death and disease
12
44000
3000
01:11
is what we usually see.
13
47000
4000
01:15
What we want to look at is "Africa: the Next Chapter,"
14
51000
3000
01:19
and that's this: a healthy, smiling, beautiful African.
15
55000
4000
01:23
And I think it's worth remembering what we've heard
16
59000
3000
01:26
through the conference right from the first day,
17
62000
2000
01:28
where I heard that all the important statistics have been given --
18
64000
3000
01:31
about where we are now,
19
67000
3000
01:34
about how the continent is doing much better.
20
70000
3000
01:38
And the importance of that is that we have a platform to build on.
21
74000
2000
01:41
So I'm not going to spend too much time --
22
77000
2000
01:44
just to show you, refresh your memories
23
80000
3000
01:47
that we are here for "Africa: the Next Chapter" because for the first time
24
83000
2000
01:49
there really is a platform to build on.
25
85000
4000
01:53
We really do have it going right
26
89000
3000
01:56
that the continent is growing at rates that people had thought would not happen.
27
92000
3000
02:00
After decades of 2 percent, we are now at 5 percent,
28
96000
3000
02:03
and it's going to -- projected -- 6 and 7 percent even.
29
99000
3000
02:07
And inflation has come down.
30
103000
3000
02:11
External debt -- something that I can tell you a long story about
31
107000
2000
02:13
because I personally worked on one of the biggest debts on the continent --
32
109000
4000
02:17
has come down dramatically.
33
113000
2000
02:20
You know, as you can see,
34
116000
2000
02:22
from almost 50 billion down to about 12 or 13 billion.
35
118000
3000
02:25
Now this is a huge achievement.
36
121000
3000
02:28
You know, we've built up reserves. Why is that important?
37
124000
4000
02:32
It's because it shows off our economies, shows off our currencies
38
128000
3000
02:35
and gives a platform on which people can plan and build, including businesses.
39
131000
5000
02:40
We've also seen some evidence that all this is making a difference
40
136000
4000
02:44
because private investment flows have increased.
41
140000
3000
02:47
I want to remind you again --
42
143000
2000
02:49
I know you saw these statistics before --
43
145000
3000
02:52
from almost 6 billion we are now at about 18 billion.
44
148000
2000
02:55
In 2005, remittances -- I just took one country, Nigeria
45
151000
3000
02:58
skyrocketing -- skyrocketing is too dramatic,
46
154000
4000
03:03
but increasing dramatically.
47
159000
3000
03:06
And in many other countries this is happening.
48
162000
2000
03:08
Why is this important? Because it shows confidence.
49
164000
2000
03:10
People are now confident to bring --
50
166000
3000
03:13
if your people in the diaspora bring their money back,
51
169000
3000
03:16
it shows other people that, look,
52
172000
2000
03:18
there is emerging confidence in your country.
53
174000
3000
03:21
And instead of an outflow, you are now getting a net inflow.
54
177000
3000
03:24
Now, why is all this important, to have to go really fast?
55
180000
2000
03:26
It's important that we build this platform,
56
182000
3000
03:29
that we have the president, Kikwete, and others of our leaders who are saying,
57
185000
3000
03:32
"Look, we must do something different."
58
188000
2000
03:34
Because we are confronted with a challenge.
59
190000
2000
03:36
62 percent of our population is below the age of 24.
60
192000
7000
03:43
What does this mean?
61
199000
3000
03:46
This means that we have to focus on how our youth
62
202000
3000
03:49
are going to be engaged in productive endeavor in their lives.
63
205000
2000
03:52
You have to focus on how to create jobs,
64
208000
2000
03:55
make sure they don't fall into disease, and that they get an education.
65
211000
2000
03:57
But most of all that they are productively engaged in life,
66
213000
3000
04:00
and that they are creating the kind of productive environment
67
216000
3000
04:03
in our countries that will make things happen.
68
219000
4000
04:07
And to support this, I just recently --
69
223000
3000
04:10
one of the things I've done since leaving government
70
226000
1000
04:12
is to start an opinion research organization in Nigeria.
71
228000
2000
04:14
Most of our countries don't even have any opinion research.
72
230000
3000
04:18
People don't have voice.
73
234000
2000
04:20
There is no way you can know what people want.
74
236000
2000
04:22
One of the things we asked them recently was what's their top issue.
75
238000
2000
04:24
Like in every other country where this has been done,
76
240000
3000
04:27
jobs is the top issue.
77
243000
4000
04:31
I want to leave this up here and come back to it.
78
247000
3000
04:36
But before I get to this slide, I just wanted to run you through this.
79
252000
4000
04:40
And to say that for me, the next stage of building this platform
80
256000
3000
04:43
that now enables us to move forward --
81
259000
3000
04:46
and we mustn't make light of it.
82
262000
2000
04:48
It was only 5, 6, 7 years ago
83
264000
5000
04:53
we couldn't even talk about the next chapter, because we were in the old chapter.
84
269000
4000
04:57
We were going nowhere.
85
273000
2000
05:00
The economies were not growing.
86
276000
2000
05:02
We were having negative per capita growth.
87
278000
4000
05:06
The microeconomic framework and foundation for moving forward
88
282000
2000
05:08
was not even there.
89
284000
3000
05:12
So let's not forget that it's taken a lot to build this,
90
288000
2000
05:15
including all those things that we tried to do in Nigeria that Dele referred to.
91
291000
2000
05:17
Creating our own program to solve problems, like fighting corruption,
92
293000
3000
05:24
building institutions, stabilizing the micro economy.
93
300000
4000
05:29
So now we have this platform we can build on.
94
305000
3000
05:33
And it brings us to the debate that has been going on here:
95
309000
4000
05:37
aid versus private sector, aid versus trade, etc.
96
313000
5000
05:42
And someone stood up to say that one of the frustrating things
97
318000
4000
05:47
is that it's been a simplistic debate.
98
323000
2000
05:49
And that's not what the debate should be about.
99
325000
5000
05:54
That's engaging in the wrong debate.
100
330000
3000
05:58
The issue here is how do we get a partnership that involves government donors,
101
334000
2000
06:00
the private sector and ordinary African people
102
336000
4000
06:04
taking charge of their own lives?
103
340000
3000
06:07
How do we combine all this?
104
343000
5000
06:12
To move our continent forward, to do the things that need doing
105
348000
2000
06:14
that I talked about -- getting young people employed.
106
350000
2000
06:17
Getting the creative juices flowing on this continent,
107
353000
3000
06:20
much of what you have seen here.
108
356000
3000
06:23
So I'm afraid we've been engaging a little bit in the wrong debate.
109
359000
2000
06:26
We need to bring it back to say,
110
362000
2000
06:28
what is the combination of all these factors
111
364000
3000
06:31
that is going to yield what we want? (Applause)
112
367000
4000
06:35
And I want to tell you something.
113
371000
5000
06:40
For me, the issue about aid --
114
376000
3000
06:43
I don't think that Africans need to now go all the way over to the other side
115
379000
4000
06:47
and feel bad about aid.
116
383000
3000
06:50
Africa has been giving the other countries aid.
117
386000
1000
06:53
Mo Ibrahim said at a debate we were at that
118
389000
4000
06:58
he dreams one day when Africa will be giving aid.
119
394000
2000
07:00
And I said, "Mo, you're right. We have -- no, but we've already been doing it!
120
396000
3000
07:03
The U.K. and the U.S. could not have been built today without Africa's aid."
121
399000
6000
07:09
(Applause)
122
405000
8000
07:17
It is all the resources that were taken from Africa,
123
413000
3000
07:20
including human, that built these countries today!
124
416000
3000
07:24
So when they try to give back, we shouldn't be on the defensive.
125
420000
5000
07:30
The issue is not that.
126
426000
3000
07:33
The issue is how are we using what has been given back.
127
429000
4000
07:37
How are we using it?
128
433000
3000
07:40
Is it being directed effectively?
129
436000
3000
07:45
I want to tell you a little story.
130
441000
3000
07:48
Why I don't mind if we get aid, but we use it well.
131
444000
9000
07:57
From 1967 to '70, Nigeria fought a war -- the Nigeria-Biafra war.
132
453000
2000
08:00
And in the middle of that war, I was 14 years old.
133
456000
3000
08:04
We spent much of our time with my mother cooking.
134
460000
2000
08:06
For the army -- my father joined the army as a brigadier -- the Biafran army.
135
462000
3000
08:09
We were on the Biafran side.
136
465000
2000
08:11
And we were down to eating one meal a day, running from place to place,
137
467000
3000
08:14
but wherever we could help we did.
138
470000
2000
08:18
At a certain point in time, in 1969, things were really bad.
139
474000
4000
08:22
We were down to almost nothing in terms of a meal a day.
140
478000
4000
08:26
People, children were dying of kwashiorkor.
141
482000
2000
08:28
I'm sure some of you who are not so young
142
484000
2000
08:30
will remember those pictures.
143
486000
3000
08:33
Well, I was in the middle of it.
144
489000
2000
08:35
In the midst of all this, my mother fell ill with a stomach ailment for two or three days.
145
491000
3000
08:39
We thought she was going to die.
146
495000
2000
08:41
My father was not there.
147
497000
2000
08:43
He was in the army.
148
499000
1000
08:44
So I was the oldest person in the house.
149
500000
4000
08:48
My sister fell very ill with malaria.
150
504000
4000
08:53
She was three years old and I was 15.
151
509000
5000
08:58
And she had such a high fever. We tried everything.
152
514000
2000
09:00
It didn't look like it was going to work.
153
516000
4000
09:04
Until we heard that 10 kilometers away there was a doctor, who was
154
520000
4000
09:08
looking at people and giving them meds.
155
524000
2000
09:10
Now I put my sister on my back -- burning --
156
526000
3000
09:14
and I walked 10 kilometers with her strapped on my back.
157
530000
2000
09:17
It was really hot. I was very hungry.
158
533000
5000
09:22
I was scared because I knew her life depended on my getting to this woman.
159
538000
3000
09:25
We heard there was a woman doctor who was treating people.
160
541000
2000
09:27
I walked 10 kilometers, putting one foot in front of the other.
161
543000
2000
09:30
I got there and I saw huge crowds.
162
546000
2000
09:33
Almost a thousand people were there, trying to break down the door.
163
549000
3000
09:36
She was doing this in a church. How was I going to get in?
164
552000
5000
09:42
I had to crawl in between the legs of these people
165
558000
3000
09:45
with my sister strapped on my back,
166
561000
3000
09:49
find a way to a window.
167
565000
1000
09:50
And while they were trying to break down the door,
168
566000
2000
09:53
I climbed in through the window, and jumped in.
169
569000
2000
09:57
This woman told me it was in the nick of time.
170
573000
3000
10:00
By the time we jumped into that hall, she was barely moving.
171
576000
4000
10:04
She gave a shot of her chloroquine -- what I learned was the chloroquine then --
172
580000
4000
10:08
gave her some -- it must have been a re-hydration --
173
584000
2000
10:11
and some other therapies, and put us in a corner.
174
587000
3000
10:18
In about two to three hours, she started to move.
175
594000
2000
10:23
And then they toweled her down because she started sweating,
176
599000
2000
10:26
which was a good sign.
177
602000
5000
10:31
And then my sister woke up.
178
607000
4000
10:35
And about five or six hours later, she said we could go home.
179
611000
3000
10:38
I strapped her on my back.
180
614000
3000
10:41
I walked the 10 kilometers back and it was the shortest walk I ever had.
181
617000
4000
10:45
I was so happy -- (Applause) -- that my sister was alive!
182
621000
6000
10:52
Today she's 41 years old, a mother of three,
183
628000
2000
10:54
and she's a physician saving other lives.
184
630000
2000
10:57
Why am I telling that? I'm telling you that because --
185
633000
2000
10:59
when it is you or your person involved --
186
635000
6000
11:05
you don't care where -- whether it's aid.
187
641000
3000
11:10
You don't care what it is! (Applause)
188
646000
8000
11:18
You just want the person to be alive!
189
654000
5000
11:23
And now let me become less sentimental, and say that saving lives --
190
659000
3000
11:26
which some of the aid we get does on this continent --
191
662000
3000
11:29
when you save the life of anyone, a farmer, a teacher, a mother,
192
665000
3000
11:32
they are contributing productively into the economy.
193
668000
2000
11:34
And as an economist, we can also look at that side of the story.
194
670000
4000
11:43
These are people who are productive agents in the economy.
195
679000
2000
11:45
So if we save people from HIV/AIDS, if we save them from malaria,
196
681000
4000
11:49
it means they can form the base of production for our economy.
197
685000
3000
11:52
And by the same token --
198
688000
4000
11:56
as someone said yesterday -- if we don't and they die,
199
692000
2000
11:58
their children will become a burden on the economy.
200
694000
2000
12:00
So even from an economic standpoint,
201
696000
4000
12:04
if we leave the social and the humanitarian,
202
700000
2000
12:06
we need to save lives now.
203
702000
3000
12:09
So that's one of the reasons, from a personal experience, that I say
204
705000
3000
12:12
let's channel these resources we get into something productive.
205
708000
4000
12:18
However, I will also tell you that I'm one of those
206
714000
4000
12:22
who doesn't believe that this is the sole answer.
207
718000
3000
12:25
That's why I said the debate has to get more sophisticated.
208
721000
2000
12:28
You know, we have to use it well.
209
724000
5000
12:34
What has happened in Europe?
210
730000
4000
12:38
Do you all know that Spain -- part of the EU --
211
734000
3000
12:42
got 10 billion dollars in aid from the rest of the EU?
212
738000
4000
12:46
Resources that were transferred to them --
213
742000
2000
12:50
and were the Spanish ashamed of this? No!
214
746000
3000
12:53
The EU transferred 10 billion. Where did they use it?
215
749000
2000
12:55
Have you been to southern Spain lately? There are roads everywhere.
216
751000
4000
13:00
Infrastructure everywhere.
217
756000
3000
13:03
It is on the back of this that the whole of southern Spain
218
759000
2000
13:05
has developed into a services economy.
219
761000
2000
13:08
Did you know that Ireland got 3 billion dollars in aid?
220
764000
2000
13:10
Ireland is one of the fastest-growing economies in the European Union today.
221
766000
4000
13:14
For which many people, even from other parts of the world,
222
770000
3000
13:20
are going there to find jobs.
223
776000
2000
13:22
What did they do with the 3 billion dollars in aid?
224
778000
3000
13:25
They used it to build an information superhighway,
225
781000
3000
13:28
gain infrastructure that
226
784000
3000
13:32
enables them to participate in the
227
788000
1000
13:34
information technology revolution,
228
790000
2000
13:36
and to create jobs in their economy.
229
792000
3000
13:39
They didn't say, "No, you know, we're not going to take this."
230
795000
2000
13:41
Today, the European Union is busy transferring aid.
231
797000
3000
13:44
My frustration is if they can build infrastructure in Spain --
232
800000
2000
13:46
which is roads, highways, other things that they can build --
233
802000
4000
13:50
I say then, why do they refuse to use the same aid
234
806000
2000
13:52
to build the same infrastructure in our countries? (Applause)
235
808000
2000
13:54
When we ask them and tell them what we need,
236
810000
9000
14:05
one of my worries today is that we have many foundations now.
237
821000
2000
14:07
Now we talk about the World Bank, IMF, and accountability, all that
238
823000
3000
14:10
and the EU.
239
826000
2000
14:12
We also have private citizens now who have a lot of money --
240
828000
5000
14:17
some of them in this audience, with private foundations.
241
833000
2000
14:19
And one day, these foundations have so much money,
242
835000
3000
14:22
they will overtake the official aid that is being given.
243
838000
2000
14:25
But I fear -- and I'm very grateful to all of them
244
841000
4000
14:30
for what they are trying to do on the continent --
245
846000
2000
14:32
but I'm also worried. I wake up with a gnawing in my belly
246
848000
7000
14:39
because I see a new set of aid entrepreneurs on the continent.
247
855000
3000
14:42
And they're also going from country to country,
248
858000
4000
14:46
and many times trying to find what to do.
249
862000
5000
14:51
But I'm not really sure that their assistance
250
867000
3000
14:54
is also being channeled in the right way.
251
870000
4000
14:58
And many of them are not really familiar with the continent.
252
874000
2000
15:00
They are just discovering.
253
876000
2000
15:03
And many times I don't see Africans working with them.
254
879000
3000
15:06
They are just going alone! (Applause)
255
882000
3000
15:09
And many times I get the impression that they are not really even interested
256
885000
2000
15:11
in hearing from Africans who might know.
257
887000
4000
15:15
They want to visit us,
258
891000
3000
15:18
see what's happening on the ground and make a decision.
259
894000
2000
15:20
And now I'm maybe being harsh.
260
896000
2000
15:22
But I worry because this money is so important.
261
898000
2000
15:25
Now, who are they accountable to?
262
901000
5000
15:30
Are we on their boards when they make decisions
263
906000
2000
15:32
about where to channel money? Are we there?
264
908000
3000
15:35
Will we make the same mistake that we made before?
265
911000
3000
15:38
Have our presidents and our leaders -- everyone is talking about --
266
914000
2000
15:40
have they ever called these people together and said,
267
916000
2000
15:42
"Look, your foundation and your foundation --
268
918000
3000
15:45
you have so much money, we are grateful.
269
921000
2000
15:47
Let's sit down and really tell you where the money should be channeled
270
923000
3000
15:50
and where this aid should go."
271
926000
3000
15:53
Have we done that? The answer is no.
272
929000
4000
15:58
And each one is making their own individual effort.
273
934000
3000
16:01
And then 10 years from now, billions will again have gone into Africa,
274
937000
3000
16:04
and we would still have the same problems.
275
940000
4000
16:08
This is what gives us the hopeless image.
276
944000
3000
16:11
Our inability to take charge and say to all these people bringing their money,
277
947000
4000
16:15
"Sit down."
278
951000
1000
16:17
And we don't do it because there are so many of us. We don't coordinate.
279
953000
2000
16:19
We've not called the Bill Gates, and the Soros,
280
955000
5000
16:25
and everybody else who is helping and say,
281
961000
5000
16:30
"Sit down. Let's have a conference with you.
282
966000
3000
16:33
As a continent, here are our priorities.
283
969000
3000
16:36
Here is where we want you to channel this money."
284
972000
3000
16:40
Each one should not be an entrepreneur
285
976000
2000
16:42
going out and finding what is best.
286
978000
3000
16:45
We're not trying to stop them at all! But to help them help us better.
287
981000
4000
16:49
And what is disappointing me is that we are not doing this.
288
985000
3000
16:52
Ten years from now we will have the same story,
289
988000
2000
16:54
and we will be repeating the same things.
290
990000
4000
16:59
So our problem right now is, how can we leverage
291
995000
5000
17:04
all this good will that is coming towards our way?
292
1000000
5000
17:10
How can we get government to combine properly
293
1006000
4000
17:14
with these private foundations, with the international organizations,
294
1010000
3000
17:17
and with our private sector.
295
1013000
3000
17:20
I firmly believe in that private sector thing too.
296
1016000
3000
17:24
But it cannot do it alone.
297
1020000
1000
17:26
So there might be a few ideas we could think of that could work.
298
1022000
2000
17:29
They said this is about proliferating and sharing ideas.
299
1025000
3000
17:32
So why don't we think of using some of this aid?
300
1028000
5000
17:37
Well, why don't we first say to those helping us out,
301
1033000
2000
17:40
"Don't be shy about infrastructure.
302
1036000
2000
17:42
That health that you're working on cannot be sustainable without infrastructure.
303
1038000
4000
17:49
That education will work better
304
1045000
5000
17:54
if we've got electricity and railroads, and so on.
305
1050000
3000
17:57
That agriculture will work better if there are railroads to get the goods to market.
306
1053000
3000
18:00
Don't be shy of it.
307
1056000
2000
18:05
Invest some of your resources in that, too."
308
1061000
3000
18:08
And then we can see that this is one combination
309
1064000
5000
18:13
of private, international, multilateral money,
310
1069000
2000
18:17
private sector and the African that we can put together as a partnership,
311
1073000
3000
18:20
so that aid can be a facilitator.
312
1076000
5000
18:25
That is all aid can be.
313
1081000
3000
18:28
Aid cannot solve our problems, I'm firmly convinced about that.
314
1084000
2000
18:30
But it can be catalytic. And if we fail to use it as catalytic,
315
1086000
4000
18:34
we would have failed.
316
1090000
4000
18:39
One of the reasons why China is a bit popular with Africans now --
317
1095000
2000
18:42
one of the reasons is not only just that, you know, these people are stupid
318
1098000
5000
18:47
and China is coming to take resources.
319
1103000
2000
18:50
It's because there's a little more leverage in terms of the Chinese.
320
1106000
2000
18:56
If you tell them, "We need a road here,"
321
1112000
3000
19:01
they will help you build it.
322
1117000
2000
19:03
They don't shy away from infrastructure.
323
1119000
1000
19:04
In fact, the Chinese minister of finance said to me,
324
1120000
2000
19:06
when I asked him what are we doing wrong in Nigeria.
325
1122000
2000
19:08
He said, "There are two things you need only.
326
1124000
3000
19:11
Infrastructure, infrastructure, infrastructure and discipline.
327
1127000
3000
19:14
You are undisciplined." (Applause)
328
1130000
3000
19:23
And I repeat it for the continent.
329
1139000
3000
19:27
It's the same. We need infrastructure, infrastructure and discipline.
330
1143000
1000
19:28
So we can make a catalytic to help us provide some of that.
331
1144000
3000
19:31
Now I realize -- I'm not saying -- health and education --
332
1147000
3000
19:35
no, you can also provide that as well.
333
1151000
3000
19:38
But I'm saying it's not either or.
334
1154000
3000
19:41
Let's see how aid can be a facilitator in partnership.
335
1157000
1000
19:43
One idea.
336
1159000
2000
19:46
Second thing, for the private sector,
337
1162000
3000
19:49
people are afraid to take risks on the continent.
338
1165000
4000
19:53
Why can't some of this aid be used as a kind of guarantee mechanisms,
339
1169000
2000
19:55
to enable people to take risk?
340
1171000
4000
19:59
(Applause)
341
1175000
1000
20:00
And finally, because they are both standing at my -- I'm out of time.
342
1176000
6000
20:06
Am I out of time?
343
1182000
3000
20:09
OK, so let me not forget my punchline.
344
1185000
3000
20:12
One of the things I want everybody to collaborate on is
345
1188000
3000
20:15
to support women, to create jobs. (Applause)
346
1191000
9000
20:24
A lot has been said here about women, I don't need to repeat it.
347
1200000
2000
20:26
But there are people -- women -- creating jobs.
348
1202000
2000
20:29
And we know, studies have shown
349
1205000
2000
20:31
that when you put resources in the hand of the woman --
350
1207000
3000
20:34
in fact, there's an econometric study,
351
1210000
2000
20:36
the World Bank Review, done in 2000, showing that
352
1212000
3000
20:39
transfers into the hands of women result
353
1215000
3000
20:42
in healthier children, more for the household, more for the economy and all that.
354
1218000
3000
20:47
So I'm saying that one of the takeaways from here --
355
1223000
2000
20:50
I'm not saying the men are not important --
356
1226000
1000
20:51
obviously, if you leave the husbands out, what will they do?
357
1227000
3000
20:54
They'll come back home and get disgruntled,
358
1230000
2000
20:56
and it will result in difficulties we don't want.
359
1232000
3000
21:00
We don't want men beating their wives
360
1236000
2000
21:02
because they don't have a job, and so on.
361
1238000
2000
21:05
But at the margin, we also -- I want to push this,
362
1241000
3000
21:08
because the reason is the men automatically --
363
1244000
3000
21:12
they get -- not automatically, but they tend to get more support.
364
1248000
3000
21:17
But I want you to realize that resources
365
1253000
3000
21:20
in the hands of African women is a powerful tool.
366
1256000
4000
21:24
There are people creating jobs.
367
1260000
4000
21:28
Beatrice Gakuba has created 200 jobs from her flower business in Rwanda.
368
1264000
2000
21:30
We have Ibukun Awosika in Nigeria, with the chair company.
369
1266000
4000
21:35
She wants to expand.
370
1271000
1000
21:37
She needs another 20 million.
371
1273000
2000
21:39
She will create another 100, 200 more jobs.
372
1275000
3000
21:43
So take away from here is how are you going to put together
373
1279000
4000
21:47
the resources to put money in the hands of women in the middle
374
1283000
2000
21:49
who are ready --
375
1285000
4000
21:53
business people who want to expand and create more jobs.
376
1289000
2000
21:56
And lastly, what are you going to do
377
1292000
4000
22:01
to be part of this partnership of aid, government, private sector
378
1297000
5000
22:06
and the African as an individual?
379
1302000
3000
22:09
Thank you. (Applause)
380
1305000
9000
ABOUT THE SPEAKER
Ngozi Okonjo-Iweala - EconomistNgozi Okonjo-Iweala is a respected global economist.
Why you should listen
Okonjo-Iweala was the Finance Minister of Nigeria, Africa’s largest economy, from 2003 to 2006, and then briefly the country’s Foreign Affairs Minister, the first woman to hold either position. From 2011 to 2015 she was again named Minister of Finance and Coordinating Minister for the Economy of Nigeria. Between those terms, from 2007 to 2011, she was one of the managing director of the World Bank and a candidate to the organization’s presidency. She is now a senior advisor at financial advisory and asset management firm Lazard, and she chairs the Board of the Global Alliance for Vaccines and Immunization. At the World Bank, she worked for change in Africa and assistance for low-income countries. As Finance Minister, she attacked corruption to make Nigeria more transparent and desirable for investment and jobs, an activism that attracted criticism from circles opposed to reform.
Ngozi Okonjo-Iweala | Speaker | TED.com